AppDynamics, a San Francisco based IT company founded by Jyoti Bansal eight years ago, has been acquired by Cisco Systems for $3.7 billion. According to the Times of India, Bansal graduated from IIT Delhi in 1999 and moved to United States shortly thereafter.

AppDynamics, which develops software to help other companies manage the performance of their mobile apps and websites, was on the verge of declaring an IPO when Cisco made it an acquisition offer. Both companies agreed to a 72-hour negotiation window before agreeing upon the final price. With a 14 percent stake in AppDynamics, Bansal will make $520 million from the sale.

After moving to the US, Bansal worked for a couple of companies before starting AppDynamics in 2008.

"I waited seven years for my employment-based green card and I wanted to leave my job and start a new company but couldn't," Bansal had revealed in an earlier interview.

AppDynamics has over 900 employees currently, with David Wadhwani as its CEO.

"AppDynamics will be a new software business unit under Rowan Trollope, Cisco senior vice-president and general manager, IoT and applications business," Cisco said in a statement after the acquisition.

With the sale of the company he founded, Bansal joins an elite list of other Indians who share his surname and have made their fortunes with startup ventures — Sachin Bansal and Binny Bansal of Flipkart, Rohit Bansal of Snapdeal, Mukesh Bansal of Myntra, and Peyush Bansal of LensKart.